Allianz delivers record nine-month result of 14.1 billion euros and raises 2026 outlook
Published on 11/12/2026 at 06:59 | dgap, AD HOC NEWS| Allianz SE / Key word(s): 9 Month figures/Quarter Results 12.11.2026 / 06:59 CET/CEST The issuer is solely responsible for the content of this announcement. 3Q 2026 Total business volume at 44.4 billion euros, an internal growth of 3.0 percent[1]. Excellent contribution from Asset Management and good internal growth in Property-Casualty. Operating profit rises 6.2 percent to 4.7 billion euros, driven by an outstanding result from the Asset Management segment, attributable to higher business volume and margins, and a strong contribution from Life/Health. Shareholders’ core net income increases 1.2 percent to 2.9 billion euros. Adjusted for offsetting measures following the sale of the stake in our Indian JVs, underlying growth is 3 percent CEO comment "Allianz’s record operating profit of 14.1 billion euros for the first nine months of 2026 reflects the disciplined execution of our strategy. Yet we are not standing still: at a time when many people are finding protection and retirement solutions harder to afford, we are working to leverage our scale and expertise to deliver relevant, accessible solutions to our clients. This starts with deepening our understanding of what our customers perceive as value, and not losing sight of the seemingly small, and often very human, details that make a difference to them. Smart growth is driven by competence, resilience, and efficiency, yet sustainable customer growth is a matter of care and trust." Oliver Bäte, Chief Executive Officer of Allianz SE
Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE ----------------------- In 3Q 2026, total business volume amounted to 44.4 billion euros (3Q 2025: 42.8 billion euros). Internal growth, which excludes the effects of foreign-currency translation as well as acquisitions and divestments, was 3.0 percent. The Asset Management segment delivered excellent internal growth, alongside a good performance in Property-Casualty. Operating profit rose 6.2 percent to 4.7 (4.4) billion euros, supported by a well-diversified business model. Growth was driven by an outstanding performance of our Asset Management business and strong contribution from Life/Health. Property-Casualty remained resilient despite a higher natural catastrophe impact. Shareholders’ core net income was 2.9 (2.9) billion euros, 1.2 percent above last year. Underlying growth, which adjusts for offsetting measures following the sale of the stake in our Indian Joint Ventures in 1Q 2026, was 3 percent. In 9M 2026, total business volume reached 143.0 billion euros (9M 2025: 141.2 billion euros), an internal growth of 3.8 percent. The Asset Management segment delivered excellent internal growth, with a good performance also in Property-Casualty. Operating profit rose 7.8 percent to a record level of 14.1 (13.1) billion euros and reached 81 percent of our full-year outlook midpoint. Asset Management was the main growth driver, but all business segments are ahead of their pro-rata full-year operating profit outlooks. Shareholders’ core net income advanced 10.6 percent to 9.3 (8.4) billion euros, supported by a higher operating profit and a better non-operating result. Adjusted for the effects of the sale of the stake in our Indian Joint Ventures in 1Q 2026, offsetting measures as well as the divestment gain on the UniCredit Joint Venture in 2Q 2025, underlying growth was strong at 7 percent2. Core earnings per share (EPS)[8] amounted to 24.15 (21.43) euros, an increase of 12.7 percent. Adjusted for the above-mentioned effects, growth was excellent at 8 percent2, in line with our 7-9 percent CAGR target for the 2025-2027 strategic cycle. Allianz delivered an annualized core return on equity (RoE)8of 20.1 percent in 9M 2026(12M 2025: 18.1 percent). Adjusted for the above-mentioned effects, our annualized core return on equity was excellent at 19 percent2. This performance was achieved while Allianz maintained a strong capitalization with a Solvency II ratio of 219 percent (full-year 2025: 218 percent), supported by a strong operating capital generation of 18 percent. Outlook Following the strong performance, Allianz raised the upper end of its full-year 2026 operating profit target range to around 18.6 billion euros 5, 6. Other The share buy-back program of up to 2.5 billion euros, announced on February 25, 2026, was fully executed by September 22, 2026. ----------------------- Property-Casualty insurance: Good performance in the third quarter – record operating profit for nine months
Core messages Property-Casualty insurance 3Q 2026 Good internal growth of 4.5 percent, spread across entities Resilient operating profit, despite higher natural catastrophe impact Expense ratio excellent, improving 0.4 percentage points compared to prior year, reflects ongoing productivity focus ----------------------- In 3Q 2026, total business volume reached 20.9 billion euros (3Q 2025: 19.7 billion euros). Internal growth was good at 4.5 percent. Operating profit remained resilient at 2.2 (2.4) billion euros and reached 24 percent of our full-year outlook midpoint. This is despite a higher natural catastrophe impact compared to the prior year period. A lower operating insurance service result was partly offset by an excellent operating investment result. The combined ratio reached 93.8 percent (91.9 percent). The loss ratio stood at 70.6 percent (68.3 percent). The increase was mainly due to a higher natural catastrophe impact of 5.1 percent (0.3 percent) which was partly offset by a higher run-off result. The expense ratio reached an excellent level of 23.2 percent (23.6 percent), an improvement of 0.4 percentage points. This reflects our ongoing focus on productivity. The retail[9] business delivered very good internal growth of 5 percent. The segment’s combined ratio reached 94.0 percent (91.3 percent). This development was mainly driven by a higher natural catastrophe impact. In the commercial[10] business, internal growth was 3 percent as we continue to carefully manage the market environment. The segment’s combined ratio amounted to 93.5 percent (92.0 percent). ----------------------- Core messages Property-Casualty insurance 9M 2026 Good internal growth of 5.1 percent Operating profit reaches 79 percent of our full-year outlook midpoint Combined ratio of 92.2 percent is within our full-year outlook range of 92-93 percent; also benefiting from our continued productivity focus ----------------------- In the 9M 2026 period, total business volume reached 70.5 billion euros (9M 2025: 66.9 billion euros), a good internal growth of 5.1 percent. Operating profit increased 3.2 percent to 7.1 (6.9) billion euros, reaching 79 percent of the full-year outlook midpoint. Growth was driven by an excellent operating investment result. The combined ratio stood at 92.2 percent (91.6 percent), which is within our 92-93 percent outlook range for the full year. The loss ratio was at a healthy level of 68.7 percent (67.8 percent). The expense ratio improved by 0.3 percentage points to 23.6 percent (23.9 percent), in line with our ambitions. This development reflects good top-line growth and a continued productivity focus. Our retail business delivered strong internal growth of 7 percent, while the combined ratio amounted to 92.5 percent (91.6 percent). In our commercial business, internal growth was 3 percent. The combined ratio stood at a very good level of 91.9 percent (91.3 percent). ----------------------- Life/Health insurance: Strong operating profit and attractive new business profitability
Core messages Life/Health insurance 3Q 2026 Good growth in new business premiums Attractive new business margin of 5.6 percent Strong operating profit at 26 percent of full-year outlook midpoint ----------------------- In 3Q 2026, PVNBP, the present value of new business premiums, rose to 18.7 billion euros (3Q 2025: 17.9 billion euros), a good growth of 4.2 percent. 90 percent (92 percent) of new business was generated in our preferred lines (capital-efficient products, unit-linked without guarantees, protection & health). The new business margin (NBM) remained attractive at 5.6 percent (5.9 percent), ahead of our ambition of at least 5 percent. The value of new business (VNB) was stable at a good level of 1.0 (1.0) billion euros. Operating profit increased 4.4 percent to 1.5 (1.4) billion euros, reaching 26 percent of our full-year outlook midpoint. Growth was spread across most entities. The Contractual Service Margin (CSM) was 56.4 billion euros (2Q 2026: 57.3 billion euros), with normalized CSM growth[13] of 0.7 percent11. ----------------------- Core messages Life/Health insurance 9M 2026 Attractive new business margin of 5.5 percent Operating profit rises across most regions Good normalized CSM growth of 3.4 percent ----------------------- In 9M 2026, PVNBP amounted to 62.0 billion euros (9M 2025: 63.5 billion euros). Allianz maintained a good new business quality, with 91 percent (92 percent) of new business sales in our preferred lines. The new business margin was at an attractive level of 5.5 percent (5.7 percent). The value of new business amounted to 3.4 (3.6) billion euros. Adjusted for the sale of our stake in UniCredit Allianz Vita and foreign currency translation effects, it remained broadly stable. Operating profit increased 3.1 percent to 4.4 (4.2) billion euros and reached 77 percent of our full-year outlook midpoint. Growth was spread across most regions. The Contractual Service Margin (CSM) increased to 56.4 billion euros (12M 2025: 55.7 billion euros), driven by a good normalized CSM growth13 of 3.4 percent12. ----------------------- Asset Management: Record operating profit and excellent net flows
Core messages Asset Management 3Q 2026 -Assets under management-driven revenues grow by 19 percent (F/X adjusted -Record quarterly operating profit of 1,119 million euros -Excellent third-party net inflows of 47 billion euros ----------------------- In 3Q 2026, operating revenues increased to 2.6 billion euros (3Q 2025: 2.1 billion euros), an internal growth of 21.6 percent. This was supported by higher AuM-driven revenues, which advanced by 19 percent (F/X adjusted), as well as by higher performance fees. Operating profit reached 1,119 million euros (828 million euros), up 35.1 percent. Adjusted for foreign currency translation effects, operating profit increased by 34 percent. The cost-income ratio improved to an excellent level of 56.3 percent (60.3 percent), significantly ahead of our full-year ambition of less than 61 percent. Third-party assets under management amounted to 2.152 trillion euros as of September 30, 2026 (3Q 2025: 1.928 trillion euros; 2Q 2026: 2.161 trillion euros). Excellent net inflows of 47 billion euros and favorable foreign currency translation effects were more than offset by adverse market effects driven by interest rate movements. Average third-party assets under management increased to 2.151 trillion euros, 14 percent above 3Q 2025. ----------------------- Core messages Asset Management 9M 2026 Highest nine-month operating profit ever Excellent third-party net inflows of 132 billion euros Average third-party AuM increase 11 percent to 2.095 trillion euros ----------------------- In 9M 2026, operating revenues increased to 7.1 billion euros (9M 2025: 6.2 billion euros), an internal growth of 17.8 percent. The increase was driven by higher AuM-driven revenues following higher average third-party AuM and by higher performance fees. Operating profit rose to a record level of 2.9 (2.4) billion euros, up 20.3 percent. Adjusted for foreign currency translation effects, operating profit increased by 24 percent. The cost-income ratio improved to an excellent level of 58.9 percent (60.9 percent). This achievement reflects our operating leverage, supported by strong revenue growth and favorable margin development. Third-party assets under managementincreased to 2.152 trillion euros as of September 30, 2026, compared with 1.990 trillion euros as of December 31, 2025. Net inflows of 132 billion euros were the main driver. Average third-party assets under management amounted to 2.095 trillion euros, 11 percent above 9M 2025. ------------------------ FOOTNOTES [1] Total growth 3.8 percent in 3Q 26 and 1.2 percent in 9M 26. [2] Adjusted for the sale of our stake in Indian JVs (net income impact: EUR -0.1bn tax provision in 1Q 25 and EUR 1.1bn gain in 1Q 26), disposal gain on UniCredit JV (net income impact: EUR 0.3bn in 2Q 25) and offsetting measures (net income impact: EUR -0.6bn in 9M 26). [3] Solvency II ratio / Solvency II capitalization ratio: ratio that expresses the capital adequacy of a company by comparing own funds to SCR. This applies to all information related to the Solvency II ratio in this document. [4] Based on quarterly dividend accrual; additional accrual to reflect FY dividend would impact Solvency II capitalization ratio by -4%-p as of September 30, 2026. This applies to all information regarding the Solvency II capitalization ratio in this document. [5] Original target range of 17.4 billion euros, plus or minus 1 billion euros. [6] As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group. [7] Change versus full-year 2025. [8] Core EPS and core RoE calculation based on shareholders‘ core net income. [9] Retail including SME and Fleet. This applies to all information related to retail in this document. [10] Commercial including large Corporate, MidCorp, credit insurance, internal and 3rd party R/I. This applies to all information related to commercial in this document. [11] Adjusted for an IFRS 17 transition correction in 3Q 26 normalized CSM growth in 3Q 26 is 0.9 percent. [12] Adjusted for an IFRS 17 transition correction in 3Q 26 normalized CSM growth in 9M 26 is 3.7 percent. [13] Sum of the contributions from new business (CSM at inception), expected investment returns (expected in-force return) and CSM release. It represents a core KPI, describing the growth in the CSM from regular business. The normalized CSM growth rate is the normalized CSM growth divided by the beginning of period CSM balance. ------------------------- 3Q & 9M 2026 RESULTS TABLE
12.11.2026 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this announcement. The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. View original content: EQS News | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Language: | English |
| Company: | Allianz SE |
| Koeniginstr. 28 | |
| 80802 Munich | |
| Germany | |
| Phone: | +49 (0)89 38 00 - 7555 |
| E-mail: | investor.relations@allianz.com |
| Internet: | www.allianz.com |
| ISIN: | DE0008404005 |
| WKN: | 840400 |
| Indices: | DAX, EURO STOXX 50 |
| Listed: | Regulated Market in Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart, Tradegate BSX |
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en | DE0008404005 | ALLIANZ SE | boerse | 70495329 |
